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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2023
Stockholders' Equity [Abstract]  
Schedule of Activity Under the Stock Option Plans Activity under the stock option plans described above was as follows:
   2010 Plan   2017 Plan   Weighted
Average
Exercise
Price
   Aggregate
Intrinsic
Value(1)
 
Outstanding as of December 31, 2021   218,500    224,500   $        6.94   $       468,425 
Grants   
    210,500   $7.73      
Terminations/forfeitures(2)   (11,000)   (32,500)  $7.34      
Exercises   (5,000)   
   $6.13      
Outstanding as of December 31, 2022   202,500    402,500   $7.19   $(661,310)
Grants   
    108,000   $5.19      
Terminations/forfeitures(2)   (2,000)   (94,500)  $7.32      
Exercises   
    
   $
      
Outstanding as of September 30, 2023   200,500    416,000   $6.82   $(914,366)
Vested as of September 30, 2023   200,500    88,500   $6.36   $(295,542)
Vested and expected to vest as of September 30, 2023   200,500    416,000   $6.82   $(914,366)
Reserved for future grants   
    216,000           
(1)Intrinsic value is the difference between the fair market value of the underlying common stock as of the date indicated and as of the date of the option grant (which is equal to the option exercise price).
(2)Terminations and forfeitures are recognized when they occur.
Schedule of Additional Information About the Stock Option Plans The following table displays additional information about the stock option plans described above:
   Number of
Shares
   Weighted
Average
Fair Value at
Grant Date
   Weighted
Average
Exercise
Price
 
Non-vested stock options as of January 1, 2023   307,000   $3.80   $7.71 
Non-vested stock options as of September 30, 2023   327,500   $3.69   $7.23 
Stock options granted during the nine-month period ended September 30, 2023   108,000   $2.80   $5.19 
Stock options that vested during the nine-month period ended September 30, 2023   53,000   $2.16   $5.54 
Stock options that were terminated or forfeited during the nine-month period ended September 30, 2023   96,500   $3.38   $7.32 

 

Schedule of Fair Value Stock Option Grant Using Black-Scholes Option Pricing Model With the Weighted-Average Assumptions The fair value of each stock option grant has been estimated on the date of grant using the Black-Scholes option pricing model, for the purpose discussed in Note 2(n), with the following weighted-average assumptions:
  

During the Three-Month

Periods Ended September 30,

  

During the Nine-Month

Periods Ended September 30,

 
   2023   2022   2023   2022 
Risk-free interest rate(1)              0%          3.98%           3.48%           2.84%
Dividend yield(2)   0%   0%   0%   0%
Expected volatility(2)   0%   52%   54%   53%
Expected life(3)   n/a    6.6 years    6.2 years    6.5 years 
(1)The risk-free interest rate is based on U.S. Treasury yields for a maturity approximating the expected option term.
(2)The dividend yield and expected volatility are derived from averages of our historical data.
(3)The expected life is calculated utilizing the simplified method, which uses the mid-point between the vesting period and the contractual term as the expected life.